NEW YORK, Jan. 13, 2021 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating certain officers and directors of Jeld-Wen (NYSE: JELD), Raytheon Technologies Corporation (NYSE: RTX), and L Brands, Inc. (NYSE: LB) on behalf of long-term stockholders. More information about each potential case can be found at the link provided.
Jeld-Wen Holdings, Inc. (NYSE: JELD)
Bragar Eagel & Squire is investigating certain officers and directors of Jeld Wen Holding, Inc. following news that the Shareholder Class Action Against Jeld-Wen has survived the motions to dismiss in the pending securities class action and may face damages.
According to the securities class action complaint, throughout the Class Period defendants engaged in a scheme to defraud and made materially false and misleading statements, as well as failed to disclose material adverse facts, regarding the Company’s business, operations, growth prospects, and competitive positioning. Specifically, defendants stated that Jeld-Wen products, including doors, compete against other manufacturers on price, and described the market in which the Company sells its doors as “highly competitive.” Defendants also attributed Jeld-Wen’s strong margins and anticipated margin growth to legitimate business factors, such as “making strategic pricing decisions based on an analysis of customer and product level profitability” and increasing its emphasis on “pricing optimization.” These and similar statements made by defendants during the Class Period were false and misleading because defendants knew that Jeld-Wen was engaged in a price-fixing conspiracy with another door manufacturer to artificially increase or maintain prices of interior molded doors. As a result of defendants’ misrepresentations, shares of Jeld-Wen’s common stock traded at artificially inflated prices throughout the Class Period. On October 26, 2020, U.S. District Judge John A. Gibney, Jr. denied defendants’ motions to dismiss plaintiffs’ claims, finding that plaintiffs had plausibly alleged securities fraud claims.
For more information on our investigation into Jeld-Wen go to: https://bespc.com/cases/JELD
Raytheon Technologies Corporation (NYSE: RTX)
Bragar Eagel & Squire is investigating certain officers and directors of Raytheon Technologies Company following a class action complaint that was filed against Raytheon on October 30, 2020.
The complaint alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Raytheon had inadequate disclosure controls and procedures and internal control over financial reporting; (2) Raytheon had faulty financial accounting; (3) as a result, Raytheon misreported its costs regarding Raytheon's Missiles & Defense business since 2009; (4) as a result of the foregoing, Raytheon was at risk of increased scrutiny from the government; (5) as a result of the foregoing, Raytheon would face a criminal investigation by the U.S. Department of Justice (“DOJ”); and (6) as a result, defendants' public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
To learn more about our investigation into Raytheon go to: https://bespc.com/cases/RTX
L Brands, Inc. (NYSE: LB)
Bragar Eagel & Squire is investigating certain officers and directors of L Brands, Inc. Company following a class action complaint that was filed against L Brands on July 23, 2019.
The complaint alleges that during the Class Period defendants made materially false and misleading statements and/or failed to disclose adverse information regarding L Brands’ business and prospects, which caused L Brands stock to trade at artificially inflated prices of more than $37 per share during the Class Period. Specifically, the complaint alleges that, prior to and during the Class Period, L Brands’ Victoria's Secret and PINK businesses began to experience deteriorating operating performance due to, among other things, increased competition from new lingerie brands. In an attempt to drive sales and retain market share in the face of increasing competition, Victoria's Secret and PINK engaged in heavy promotional activities by offering consumers large discounts and even giving items free of charge. While this marketing strategy helped to mitigate sales declines, it adversely impacted the Company’s profit margins and cash flows and had a deleterious impact on the Company's liquidity. In response to questions from securities analysts about the sustainability of the Company’s dividends, defendants repeatedly stated that L Brands had sufficient cash flow and cash on hand to sustain its dividends and that the Company, “in its history, ha[d] never reduced the dividend.” Then, just weeks after defendants issued a series of false and misleading statements about the Company's dividends, L Brands announced that it was cutting its dividend in half so that it could pay down existing debt. In response to this news, the price of L Brands common stock declined approximately 18%, from $34.55 per share on November 19, 2018 to $28.43 per share on November 20, 2018.
For more information on our Investigation into L Brands go to: https://bespc.com/cases/LB
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com